London-based Abide Financial, a leading regulatory reporting specialist with backing from ICAP Plc, has been chosen by XTX Markets to manage its compliance and transaction reporting obligations across multi-asset, multi-regime reporting channels.

Abide Financial will act as the managed service reporting partner for XTX Markets in order to handle its transaction reporting across multiple asset classes, according to a corporate announcement.

XTX Markets transacts in equities, as well as in fixed income, currency, and commodities (FICC), and Abide will provide multi-asset reporting across various regulatory regimes where the company has reporting obligations.

Commenting in a corporate statement regarding the announcement, Mike Irwin, Chief Operating Officer of XTX Markets, said: “We appointed Abide Financial as our reporting partner because of its specialised focus on transaction reporting. Abide doesn’t just provide a transaction processing conduit but a fully managed and end-to-end solution.”

Mr. Irwin added: “Its strategy to own the complete reporting lifecycle (as an ARM and TR) was also a key differentiator in our decision-making process.”

Abide Financial CCO and founder, Chris Bates, said in a corporate statement regarding the synergy: “We are delighted to be XTX Markets’ reporting partner and to deliver a transaction reporting service that will provide complete peace of mind, allowing them to focus on their core business, rather than this particular part of the regulation. XTX Markets wants a holistic approach to reporting and Abide’s multi-regime reporting services provides just that.”